建筑材料行业周报：淡季需求转弱，关注玻璃左侧机会

Industry Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the sector [27] Core Views - The real estate sector's beta factors are becoming more positive, suggesting a favorable environment for building materials, particularly retail-focused companies [36] - The cement industry shows signs of bottoming out, with price increases during the off-season signaling potential profit stabilization [48] - High-dividend stocks in the building materials sector are attractive, with a cash dividend ratio of 43.86% in 2023 and a 12-month dividend yield of 2.20% [52] Sector Performance and Trends Cement Industry - National cement prices fell by 1.0% during the period, with a cement storage ratio of 60.69%, down 1.88 percentage points year-on-year [22] - Cement production from January to November 2024 was 16.71 billion tons, a year-on-year decrease of 10.1% [22] - The average cement price in December 2024 was 423.48 yuan/ton, up 37.54 yuan/ton year-on-year [22] Glass Industry - The average operating rate of the float glass industry was 77.99%, down 0.24 percentage points from the previous period [1] - Total inventory of float glass sample enterprises was 45.224 million heavy cases, down 2.90% from the previous period [1] - The average profit of float glass was 49.74 yuan/ton, an increase of 5.01 yuan/ton from the previous period [1] Fiberglass Industry - The domestic fiberglass market saw a slight price increase, with the average price of 2400tex direct roving reaching 3730.00 yuan/ton, up 18.49% year-on-year [77] - Fiberglass production capacity in October 2024 was 7.818 million tons, up 3.30% month-on-month and 10.94% year-on-year [79] Key Companies and Recommendations - Recommended companies include Sanxing Tree, Dongpeng Holdings, and Tubao, with attention also on Beixin Building Materials, Oriental Yuhong, and Weixing New Materials [36] - High-dividend cement companies like Conch Cement and Huaxin Cement are highlighted for their cost advantages and attractive dividend yields [44] Market Performance - The building materials index fell by 0.59% during the period, with sub-sectors like pipes (-2.38%), cement manufacturing (-1.80%), and glass manufacturing (-2.57%) underperforming [66]